Econs-Lecture 1 [Compatibility Mode]

Econs-Lecture 1 [Compatibility Mode] - HE191 Principles of...

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E191 HE191 Principles of Economics Lecture 1 hapters 1 and 2 Chapters 1 and 2 Principles of Economics, Fourth Edition N. Gregory Mankiw
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What Economics Is All About ± Organising scarce (limited) resources to maximize well-being ± Economics is the study of how society manages its scarce resources, including ± how people decide how much to work, save, and spend, and what to buy ± how firms decide how much to produce, how many workers to hire ± how society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs
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Organising HE191 microeconomics ± Lecture 1: ± Ten principles of economics, scientific method & policy ± Lecture 2: ± How markets work? ± Lecture 3 ± Applied economics: experiential learning & Social Welfare ± Lecture 4 ± Externalities and public goods ± Lecture 5 and Lecture 6 ± Firm Behavior and the Organization of Industry
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Learning Economics: HE191 easuring learning outcome ± Measuring learning outcome ± Attend tutorials to show interest and understanding 0%) (10%) ± Quiz (30%) conducted in tutorial 10 (20–24 Oct) inal Exam (60%) ± Final Exam (60%) ± Attend all lectures ten well and understand the materials ± listen well and understand the materials ± Main Textbook ± Mankiw, N. Gregory ± Principles of Economics, 4th Edition ± Thomson/South-Western, 2007, NTU Library 2 (Open shelf and reserve book room) Call # HB171.5.M278
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Learning Economics: HE191 Week Topics Required ± Required Readings No. Readings 1 Lecture 1: Introduction 1.1 Scarcity, choice and opportunity cost 1.2 Ten Principles of Economics 1.3 Economic as a scientific method Chapters 1 & 2 3c oocsasasce t c et od 1.4 Economics as policy advise 2 Lecture 2: How Markets Work 2.1 Markets and competition 2 Determinants of demand and supply Chapters 4, 5 & 6 2.2 Determinants of demand and supply 2.3 Elasticity 2.4 Controls on prices 2.5 Taxes and market outcomes ± Tutorials ± reinforce understanding ± Problem solving practice questions
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The people who brings HE191 to you ± Course Coordinator: ± Dr. Ho Woon Yee (email: ewyho@ntu.edu.sg) ± Lecturers: r. Ho Woon Yee ± Dr. Ho Woon Yee ± Microeconomics: lectures 1 to 6 r Tan Khay Boon ± Dr. Tan Khay Boon ± Macroeconomics: lectures 7 to 12 utors: ± Tutors: ± Dr. Tan Khay Boon; Ms. Dang Nhu Van; Ms. Chen Yang; Mr. Huang Hanming; Mr. Li Yanfei; Ms. Luo Xuan; Ms. Ong Qiyan; Ms. gg ; ; ; g Q y ; Pan Xuejia; Ms. Zheng Huanhuan; Mr. Zhu Xiaoneng; and Dr. Kampon Adireksombat
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HOW PEOPLE MAKE DECISIONS Principle #1: People Face Tradeoffs All decisions involve tradeoffs . Examples …budgeting time & income ± Society faces an important tradeoff: efficiency vs. equity ± efficiency : getting the most out of scarce resources ± equity : distributing prosperity fairly among society’s members ± Tradeoff: To increase equity, redistribute income om the well- ff to the poor. But this reduces the from the well off to the poor. But this reduces the incentive to work and produce => shrinks the size of the economic “pie.”
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HOW PEOPLE MAKE DECISIONS Principle #2: The Cost of Something Is What You Give Up to Get It ±
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This note was uploaded on 09/04/2008 for the course ECONS 191 taught by Professor Low during the Spring '08 term at Nazareth.

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Econs-Lecture 1 [Compatibility Mode] - HE191 Principles of...

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